Vietnam Electricity (EVN) group has awarded Chengda-Dec-Swepdi-Zepc consortium an engineering, procurement and construction contract to build the 1,245MW Duyen Hai 3 thermal power plant in Tra Vinh province, Vietnam.
Chinese banks will provide 85% of the total $1.5bn required to construct the plant while the rest will be secured from EVN.
The coal-fired plant will be equipped two generators and use 3.5 million tons of anthracite coal annually from the northern province of Quang Ninh, Vietnam's coal hub.
Upon completion, the plant will be capable of generating 7.5-8 billion kWh of electricity per year, reports Reuters.
Construction of the plant began last September and is expected to start operations in the third quarter of 2015.